LISTED media and entertainment company ABS-CBN Corp. is optimistic that 2024 will be "better" compared to last year given the growing popularity of its programs and films.

"We remain confident that 2024 will be an even better year than last year," Carlo Katigbak, ABS-CBN president and chief executive, said during the company's virtual stockholders' meeting on Thursday.

"Our financial performance is on an upward trajectory. We have laid the foundations for a company that is now asset light and content focused," he added.

"Today our program and movies have regained their prominence with their audience."

Katigbak said the company expected to finally be cash flow positive by the end of this year.

ABS-CBN posted a net loss of P994 million in the first quarter, down 18 percent from the P1.2-billion loss a year earlier.

Consolidated revenues dropped by 4 percent to P4.08 billion from P4.26 billion.

Operating costs and expenses, meanwhile, reached P5.3 billion, down 2 percent year on year.

In 2023, ABS-CBN posted a net loss of P12.8 billion, surging from P2.6 billion in 2022.

In another development, ABS-CBN told the stock exchange that it was working on plans to improve Sky's viability and was continuously exploring opportunities to better serve its subscribers, employees and stakeholders.

Sky's revenues for the first three months ending March 31 amounted to P1.45 billion, down 23 percent compared to last year mainly due to a continued decline in subscribers.

Sky's net loss amounted to P344 million for the period, up by 169 percent compared to last year.

The company has a P4.5-billion loan balance, P2.05 billion of which is due within one year.

ABS CBN's share price rose by 3 centavos to close at P6.98 apiece on Thursday amid a 0.34-percent dip for the benchmark Philippine Stock Exchange index.

Read The Rest at :